NATIONAL BANK OF PAKISTAN vs BISMILLAH MARITIME BREAKERS Ss — 2025 CLD 1551 QUETTA-HIGH-COURT-BALOCHISTAN

Case information

Citation: 2025 CLD 1551 QUETTA-HIGH-COURT-BALOCHISTAN
Court: Balochistan High Court
Year: 2025
Reporter: CLD
Parties: NATIONAL BANK OF PAKISTAN vs BISMILLAH MARITIME BREAKERS Ss
Subject matter: Civil
Provisions referred to: S. 128; S. 3; S. 9; Contract Act (IX of 1872); Contract Act

Fields are extracted from the reported citation and judgment text. Where a detail is not stated in the record, it is not shown.

Judgment text as reported

NATIONAL BANK OF PAKISTAN VS BISMILLAH MARITIME BREAKERS Ss. 3(2) & 9---Contract Act (IX of 1872), Ss.127 & 128---Suit for recovery of finance---Guarantor, liability of---Cost of funds, recovery of---Plaintiff / bank filed suit against defendants / debtors as well as guarantors---Validity---Defendants / guarantors executed guarantee for the benefit of defendant / principal debtor and had also executed memorandums for deposit of title deeds for the benefit of defendant / principal debtor---This was a sufficient consideration to defendants / guarantors for giving the guarantees---Liability under S. 128 of Contract Act, 1872 of defendants / guarantors was co-extensive with that of principal debtor---Defendant / debtor had defaulted in discharge of principal amount---Such default not only incurred cost of funds under S. 3(2) of Financial Institutions (Recovery of Finances) Ordinance, 2001, rather was actionable under S. 9 of Financial Institutions (Recovery of Finances) Ordinance, 2001, rather was actionable under S.9 of Financial Institutions (Recovery of Finances) Ordinance, 2001---Finance agreement expired on 31-03-2008, which was date of default---Plaintiff / bank was entitled for cost of funds from pleaded date of default---Defendant / debtor breached terms of sanctioned advices, finance agreement and guarantees---Suit was decreed accordingly.

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